Gazprom Neft and Shell have signed an agreement to establish a joint venture (JV) to study and develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula, Gazprom Neft has revealed.
The partners will each have a 50 percent interest in the JV, which will be managed by both companies. Closing of the JV transaction is scheduled for 2020 after the receipt of necessary corporate and regulatory approvals, Gazprom Neft outlined.
“Exploration of the Gydan blocks is among Gazprom Neft’s strategic objectives, so changes in the market conditions have not affected our plans,” Vadim Yakovlev, the deputy chief executive officer for exploration and production at Gazprom Neft, said in a company statement.
“In case of geological success, a new large hydrocarbon province will appear on the peninsula. It is also important for us that we continue the project together with our longstanding partner Shell, with whom we will combine experience and technological expertise to study Gydan and prepare for the development of these new territories,” he added.
Cederic Cremers, Shell’s country chair for Russia, said, “despite the economic uncertainties and pressure on our industry, Russia remains a country of strategic focus for Shell”.
“We welcome the expansion of our cooperation with Gazprom Neft, our reliable and highly professional long-term partner. I look forward to using the winning combination of our two companies’ strengths to make the Gydan exploration project a success,” he added.
The Leskinsky license block, which is located in the Taymyr district of the Krasnoyarsk Krai, covers an area of over 1,158 square miles. Its hydrocarbon resources may exceed 100 million tons of oil equivalent, according to Gapzrom Neft. The Pukhutsyayakhsky block, which adjoins the Leskinsky block, covers an area over 300 square miles. Its resources are estimated at around 35 million tons of oil equivalent.
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